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An Overview of the Visakhapatnam Real Estate Market

Visakhapatnam, popularly known as Vizag, is the largest city in the southern state of Andhra Pradesh. Due to the increasing trade practices and industries & businesses being set up in the city, it has also been entitled as the Financial Capital of the state. The geographical location of the city makes it a perfect location for the nature lovers. It is flanked by the Eastern Ghats on one side and the Bay of Bengal on the other. Owing to the rapid urban development, increasing employment opportunities and the beautiful surrounding, Visakhapatnam has been attracting a high number of migrants over the past few years.


Infrastructure & Connectivity
Visakhapatnam has seen a tremendous development in the past few decades in terms of infrastructure and connectivity. It is selected to be developed as a smart city which would uplift the face of the city and bring in better infrastructural marvels. Visakhapatnam serves as an important part of the highway Golden Quadrilateral joining Kolkata with Chennai. The National Highway-5 also passes through the city. Commutation and transportation are commendable in Visakhapatnam with the SRTC buses providing seamless interstate transport facility. The Indian Railways connects Visakhapatnam to major parts of India. It is connected to different parts of the world through the sea as well as the air route. Moreover, it would also have its own Visakhapatnam Metro that is expected to become fully operational by the end of 2018.


Visakhapatnam, being the largest city in Andhra Pradesh in terms of both area and population, was estimated to have a population of 1,728,128 according to the Indian Census 2011. The population of the city has risen to approximately 3.5 million by the end of 2016. The city boasts a literacy rate of 81.79%, with 6,88,678 males and 5,90,459  females being literate. In the year 2011, the child sex ratio of Visakhapatnam was not that bad with 947 girls for every 1,000 males.


Life Style
Visakhapatnam is a popular tourist destination in Andhra Pradesh. It has a number of beaches, caves and other natural beauties within its precincts that not only attract tourists but also make an excellent location for the people of the city to stay entertained and amused. There are an ample number of places in Visakhapatnam like Visakha Museum, Dolphins Nose, Lighthouse,  Kursura Submarine Museum, Yarada, Bheemili,  Borra Caves, Kambalakonda Wildlife Sanctuary, Araku Valley,  and many more. To suit the changing modernized lifestyle of people, a number of shopping complexes, multiplexes, malls and amusement parts have also opened up in the city.


Key localities in Visakhapatnam
Visakhapatnam real estate
has seen an amazing development over the past few years. Many new localities have emerged in the real estate in Visakhapatnam and the existing ones have got remodeled and designed to suit the needs of the people. The top localities of Visakhapatnam are: Asilmetta, Marripalem, Seethammadhara, Kapuluppada, Sheela Nagar, Lalitha Nagar, MVP Colony, Yendada and others.


Real Estate Market
Builders in Visakhapatnam have a key role to play in the development of real estate and property in Visakhapatnam. They come up with new commercial and residential projects to satisfy the growing property needs of people in the city. Many hoardings and banners with ads like “Property for Rent in Visakhapatnam” and “Property for Sale in Visakhapatnam” can be seen on major roads and markets to lure people into buying or renting property in the city. Here is a list of the top builders in Visakhapatnam:  Indiabulls, Legend, Sree Mahitha, Shriram Properties, Lansum, Lorven, Vizag Profiles Pvt Ltd, Navin Chennai, Aditya Construction and more.


Projects in Visakhapatnam
There are a number of completed and under-construction projects in Visakhapatnam that have made it easier for people to buy property in the city at affordable rates. You can find all types of residential projects, from affordable flats and apartments to luxurious villas and bungalows in this city. These are at the prime location and come with all the state of the art amenities. Moreover, a number of commercial projects near the busiest markets are also offered by the builders of the city that make it easier for people to set their business here.


Govt Projects in Visakhapatnam
The Visakhapatnam Urban Development Authority aka VUDA comes up with new housing schemes time and again to provide affordable housing to the people. The Harita Housing Scheme, Phase-II, MIG Housing Scheme at Kapulauppada, and Affordable Housing at Paradesipalem and Lankelapalem would make offer budget-friendly housing facility to all. Under the smart city project, Visakhapatnam would see a rapid development by the state as well as the national government. Hi! Searching for Property? Let's Chat